CANN stock is trading higher by 2%, selling for $1.63 in Friday's trading session after General Cannabis Corp (OTCQX:CANN) has scheduled the date for the opening of its curated CBD store at 7A Northern Blvd on May 13, 2019.
STOA Wellness Store
The store in Greenvale, Long Island, New York is called STOA Wellness, and it will focus on wellness products for the health-conscious consumer, athletes, and those interested in keeping fit.
Michael Feinsod, the CEO of General Cannabis, stated that they are creating a conducive environment that educates people about the healing potential of CBD for people willing to maintain fitness as well as general wellness. He added that General Cannabis is at the forefront of innovation to help partners in the manufacturing and distribution business, and STOA Wellness will also help as a national retailer.
>> CBWTF Stock: Auxly Cannabis is Showing Bullish Potential
STOA Wellness will be staffed with knowledgeable athletes who will provide education on how CBD relieves pain and creates general wellness. The stores will offer product options for fitness and for those who need anti-anxiety and anti-inflammatory benefits of the products.
CANN Stock: 2018 Results and Milestones
In Q4 2018, General Cannabis reported record revenue of over $1 million, which was the third quarter running that it hit that mark. CANN indicated that its security has continued to demonstrate consistent growth quarter-over-quarter. The operations segment had a 36% growth in revenue for FY2018 while Q4 reported a 93% increase.
COO Joe Hodas stated that in 2018 General Cannabis's security business completed a number of initiatives that included the expansion into California, adjusting its bill rates into profitable and sustainable levels, as well as the implementation of new hiring and retention programs for better management of personnel costs. Besides making strides in cultivation management services the company completed a number of license applications, developed an e-commerce platform, and expanded equipment sales.
CANN stock is one of top cannabis stock losers this year. The stock has tumbled almost 40% from its peak price of $2.75 in early February.
>> Read More General Cannabis News
Featured image: DepositPhotos © Tonktiti
